CFA exam pass rate increases to 43%

Jan 28, 2014 @ 10:39 am

+ Zoom

A higher percentage of hopefuls for the chartered financial analyst designation passed the first level of their three-part exam in December.

Forty-three percent of applicants passed the first test, the CFA Institute said in a statement on its website today, up from 38% when the test was last given in June 2013 and 37% in December 2012.

Global investment banks have cut head count and are reducing the portion of revenue set aside for compensation as trading slumps and regulators demand banks hold more capital. Goldman Sachs Group Inc. President Gary Cohn said in May that competition to get jobs on Wall Street is still high and that the firm hired 350 summer analysts from a pool of more than 17,000 applicants.

“The financial community is dealing with a crisis of investor trust, and industry education at all levels is a critical part of rebuilding that trust,” John Rogers, president of the CFA Institute, said in the statement announcing the results.

About 45,700 financial professionals sat for the latest test, a 6.7% decrease from a year earlier. Certification can lead to better jobs, higher salaries and a deeper understanding of finance. Candidates may take the Level 1 exam in both June and December, unlike the two latter levels, which are available once a year.

Successful charter recipients spend an average of 300 hours preparing for each exam and typically take four years to complete all three tests, according to the not-for-profit institute.

(Bloomberg News)

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Pershing's Crowley: The case for business transformation

Your practice is changing rapidly. What worked five years ago might not work for the next five years. Pershing's Jim Crowley has some solutions as your business evolves.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

Edward Jones is winning the Google search war

Brokerage firm's digital marketing investment helps land it at the top of local and overall search engine results, report finds.

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

Fidelity, Aon Hewitt and Xerox HR Solutions are currently defending against similar fiduciary-breach claims.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print